Samsung Biologics Signs $409 Million CMO Deal with Pfizer
Key Highlights :
Samsung Biologics has recently signed a 535 billion won ($409 million) contract manufacturing organization (CMO) deal with Pfizer as part of its strategic partnership for long-term consignment production of a wide range of medicines. The agreement will see Samsung Biologics producing Pfizer's multi-variety biosimilars, or biopharmaceutical replication drugs, at its recently built fourth plant in Incheon.
John Rim, CEO of Samsung Biologics, expressed his delight at the new collaboration, saying, “We are pleased to strengthen our cooperation with Pfizer, which has a vision to provide innovative solutions to patients around the world. We were able to ink our second contract with Pfizer as the construction of our fourth plant was completed as scheduled earlier this month. We will also accelerate the expansion of the second bio-campus to provide more flexible and advanced consignment production service to customers.”
Mike McDermott, Chief Global Supply Officer of Pfizer, also expressed his satisfaction with the partnership, saying, “This partnership is a good example of Pfizer's trust in the Korean pharmaceutical industry. We are pleased to continue and expand our strategic partnership with Samsung Biologics to provide better treatment options for patients worldwide.”
The partnership will provide a range of treatments for tumors, inflammation and immune system problems, and will contribute significantly to improving patients' lives and responding to growing potential health crises, according to Pfizer Korea CEO Oh Dong-wook.
As a fully integrated, end-to-end CMO service provider, Samsung Biologics offers development and manufacturing solutions from cell line development to final aseptic fill/finish as well as laboratory testing services for biopharmaceutical products. The company is committed to providing innovative solutions to meet the needs of its customers, and the new partnership with Pfizer is further evidence of its dedication to offering quality products and services.
